The Yonkers Industrial Development Agency (YIDA) has given its final approval to financial incentives for a $39.1 million affordable senior housing development located at 221-223 Buena Vista Ave. The nine-story building would have 94 apartments. There would be 40 one-bedroom units and 54 studios. Amenities for residents would include a community room, fitness center and rooftop green space. There would be 47 parking spaces.
The developer is Two Twenty-One Buena Vista Group LLC. It will receive a sales tax exemption of $1,819,375 and a mortgage tax recording exemption of $849,224. The developer is also receiving a 15-year real property tax abatement of $902,963 for total assistance of $3,741,407. The project is estimated to create between 80 and 100 construction jobs and five to six full-time jobs.
According to a financial and impact analysis prepared for the YIDA by Storrs Associates, the project is estimated to result in a net fiscal benefit to the city of $2,070,452 over the 15-year term with a cost benefit of $2.04 for every $1.00 in assistance from the YIDA.
Construction is expected to be completed by July 2027. The development will be on a 0.47-acre parcel. The developer says that the project meets goals of the Yonkers Comprehensive Plan including the development of more affordable housing.
“The benefit of new residences and redevelopment in the area is that it supports future retail in the core, while also contributing to a more vibrant downtown,” the developer told the YIDA. “As a senior housing facility, the proposed structure on a dead-end street, with Buena Vista Park (Anthony O’Boyle Memorial Park) within walking distance, takes advantage of passive recreation for seniors. The site also overlooks the Hudson River, with views across the Domino Sugar refining facility.”
The YIDA also has voted final approval of a sales tax exemption of $1,996,875 for Champlain Hudson Power Express LLC (CHPE LLC) for a $22.5 million project to install a power transmission line under a 4.3-mile portion of the Hudson River along Yonkers.
The transmission line, which will bring hydropower from Quebec to New York City, will travel through northern New York state, the Hudson Valley and terminate in Queens. It is expected to alleviate supply concerns deriving from increased demand for electricity and the retirement of the Indian Point nuclear power plant. Work is expected to begin in mid-2026.
CHPE has offered the YIDA a fixed Payment in Lieu of Taxes (PILOT) of $7,965,472 over 30 years. The funds would be divided between three taxing jurisdictions: Yonkers School District (57.54%) City of Yonkers (27.91%) and Westchester County (14.55%).
